Aardvark Therapeutics reports FY2025 net loss $57.6M; pauses all clinical trials after cardiac signal

Aardvark Therapeutics, Inc.

Net loss $57.6M for FY2025 vs $20.6M in FY2024; cash $110.0M supports operations into Q2 2027.
Voluntary pause of Phase 3 HERO and OLE trials for ARD-101 in PWS after reversible QRS prolongation in healthy volunteers.
ARD-201 obesity trials (POWER, STRENGTH) also voluntarily paused; further guidance expected Q2 2026.
Clinical and preclinical data published in Molecular Metabolism showing ARD-101 reduced hunger and increased gut hormones.
R&D spend $48.9M in FY2025 up from $17.4M; G&A $13.8M up from $5.3M.

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